President Donald Trump

President Donald Trump. Photo: James A. Mattis/Flickr/Creative Commons CC BY 2.0

Fears of an emerging trade war, sparked by US President Donald Trump's proposed tariffs on steel and aluminium imports, have forced some asset managers to consider how they will protect their portfolios from the "market-shaking" consequences.

Trump is expected to approve a 25% levy on steel and 10% levy on aluminium imports, although a White House spokesperson said on 7 March the tariffs could include "potential carve-outs for Mexico and Canada...